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2023 (3) TMI 346 - AT - Income TaxAddition u/s 68 - creditworthiness of the nine share subscribing companies proved or not? - directors of the share subscribing companies failed to appear to the notices issued u/s. 133(6) - HELD THAT:- Since the assessee has sufficiently explained the identity and creditworthiness of the share subscriber companies and the genuineness of the transaction of applying for the equity shares of the assessee company and since nothing contrary to the evidence filed by the assessee has been placed on record by the Revenue, except the reason that the directors of the share subscribing companies failed to appear to the notices issued u/s. 133(6) we find no reason to interfere with the meritorious finding of the CIT(A). We accordingly, dismiss the grounds raised by the revenue in this respect. Appeal of the revenue is dismissed.
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